FIN 1100 - Personal Finance

College of Business

Credit(s): 3
Contact Hours: 47
Effective Term Fall 2009 (415)

Course Description

This course is a study of consumer buying practices, management of personal and family finances, spending income wisely, consideration of buying guides and consumer protection agencies.

Learning Outcomes and Objectives

  1. The student will understand career choices and income potential by:
    1. explaining the following terms and how they relate to career choice:
      1. Education
      2. Attitude
      3. Experience
    2. explaining the following terms including how they are useful in a job search:
      1. Resume
      2. Reference
    3. explaining the impact of the following on income level:
      1. Education
      2. Experience
      3. Attitude
      4. Age
  2. The student will understand how to use a budget to help reach desired goals by:
    1. defining and explaining:
      1. Current expenses
      2. Future expenses
      3. Assets
      4. Liabilities
      5. Net Worth
      6. Income
    2. defining and explaining various income sources:
      1. Salary/wages
      2. Commissions
      3. Interest
      4. Dividends
      5. Investment or business earnings
  3. The student will understand the basic elements of consumerism by:
    1. defining bait and switch, mail fraud and deceptive advertising.
    2. discussing how the following institutions can help with a consumer complaint:
      1. Better Business Bureau
      2. Federal Trade Commission
      3. Small Claims Court
      4. Mail Fraud Division of the U.S. Postal Service
  4. The student will understand the functions of basic savings institutions by:
    1. describing:
      1. The Commercial Bank
      2. A Savings & Loan Association
      3. A Credit Union
      4. Federal Depositors Insurance Corporation
    2. defining:
      1. Checking Account
      2. Savings Account
      3. Certificate of Deposit
      4. Money Market Account
  5. The student will understand the use and management of credit by:
    1. discussing the following sources of credit:
      1. Commercial Bank
      2. Consumer Finance Company
      3. Savings & Loan Association
      4. Credit Union
    2. discussing how each of the following affect the cost of credit:
      1. Principal amount
      2. Repayment period
      3. Interest rate
    3. defining the following:
      1. Simple interest
      2. Installment loan
      3. Open end credit
      4. Variable rates
      5. Annual percentage rate
    4. discussing the following legislation:
      1. Truth in Lending
      2. Fair Credit Billing Act
      3. Fair Debt Collection Practices Act
  6. The student will understand housing alternatives by:
    1. discussing the advantages and disadvantages of renting versus buying housing.
    2. discussing what characteristics of a property should be investigated when buying housing.
    3. explaining the following types of mortgages:
      1. Fixed rate mortgage
      2. Variable rate mortgage
      3. Graduated payment mortgage
      4. Shared appreciation mortgage
    4. defining the following:
      1. Balloon clause
      2. Escrow Account
      3. Zoning
      4. Condominium
      5. Lease
      6. Coinsurance clause
  7. The student will understand transportation alternatives and costs by:
    1. discussing the advantages and disadvantages of buying a new automobile versus a used automobile.
    2. discussing the criteria for buying an automobile.
    3. discussing the following financing alternatives:
      1. Dealer
      2. Bank
      3. Credit Union
  8. The student will understand basic investment principles and alternatives by:
    1. discussing the following investment objectives:
      1. Safety
      2. Growth
      3. Income
    2. applying the above investment objectives to:
      1. Deposit Investments (banks, money markets)
      2. Stocks
      3. Bonds
      4. Real Estate
    3. defining the following:
      1. Certificate of Deposit
      2. Bond
      3. Current yield
      4. Mutual fund
      5. Market order
      6. Limit Order
      7. Common stock
      8. Preferred stock
      9. Commercial Property
  9. The student will understand the basic principles and types of insurance by:
    1. discussing the advantages and disadvantages of whole life versus term policies.
    2. discussing what is covered in each of the following type of policy:
      1. Major medical
      2. Surgical
      3. Hospital
      4. Disability
      5. Term
      6. Property
    3. defining the following:
      1. Risk
      2. Stock company
      3. Mutual company
      4. Premium
      5. Beneficiary clause
      6. Deductible
      7. Annuity
  10. The student will understand the basics of retirement and estate planning by:
    1. discussing how the following can contribute to retirement income:
      1. Pensions
      2. IRA's
      3. Annuities
      4. Savings & Investments
      5. Social Security
    2. discussing the benefits of having a will.
    3. defining the following:
      1. Pensions
      2. Individual Retirement Account
      3. Estate
      4. Will
      5. Trust
      6. Estate Tax

Criteria Performance Standard

Upon successful completion of the course the student will, with a minimum of 60% accuracy, demonstrate mastery of each of the above stated objectives through classroom measures developed by individual course instructors.

History of Changes

Volume insertion 6/86 Reviewed C&I 10/23/90 3 YR C&I Review 8/94 3 Yr Review 9899. Effective 20011. Reformatted 11/21/02 mr for 3 Year Review 2002. 3-Year Review 2009.
C&I Approval: 10/23/1990, BOT Approval: , Effective Term: Fall 2009 (415)

Related Programs

  1. Business Administration (BUS-AS) (670) (Active)
  2. Business Management (BUSADM-CT) (670) (Active)
  3. Finance PCS (FINHS-AR) (615) (Active)